Local News

Expose secret Saturnia forensic report

By BENNIE MUNDANDO
AN expose of the secret Saturnia Pension fund forensic report may reveal more rot that has been hidden by the Pensions and Insurance Authority (PIA) Wright Musoma has charged.
Reacting to the arrest of PIA Registrar Christopher Mapani and his team for alleged abuse of authority of office Mr. Musoma charged that pensioners from various companies that associated with Saturnia were in destitution because of discrepancies which were now being litigated in courts of law because the authority failed to exercise appropriate oversight over pension schemes which had now turned into pension scams.
The report was commissioned by PIA on instructions of then Minister of Finance Felix Mutati following an outcry among Board members who complained about serious irregularities, in the management
of the fund. Most of the Board members have since been removed from the Board.
“The Government should have listened to the complaints from the Board members and indeed the workers should have been protected by PIA which has failed to do so forcing them to go to court in lengthy and expensive litigation which they can hardly afford,” he said.
He called on the Government to interview and seek the truth from members were ejected from the board on various allegations.
He cited the cases of BP, Barclays Bank, Konkola Copper Mines and Standard Bank which were in various stages of litigation in courts of law.
“These matters should not have gone top court because PIA had a duty to protect them but this did not happen, the Government must find out why,” he said.
The Government, he said, now had an opportunity to launch a full scale investigation into Satunia starting with the outcome of the forensic report which had remained secret. On Tuesday, police arrested Mr Mapani, Deputy Registrar Insurance, Titus Nkhwale, and Manager Compliance and Insurance, Nicholas Mbuya, on two counts of abuse of authority of office.
It is alleged that the three abused their authority of office by approving the appointment of Tobias Milambo as chief executive officer of Ultimate Insurance Company Limited. In count two, the three are alleged to have abused their authority of office and issued a 2020 Insurer’s general licence to Ultimate Insurance Company Limited.
This is alleged to have occurred between the year 2018 and 2020 in Lusaka.
And speaking to the Daily Nation yesterday, Mr Musoma, who is Zambia Republican Party (ZRP) said, most Zambians felt betrayed and that the current scenario seemed to deepen their fears, especially considering the way the Saturnia Regna Pension Fund scandal was handled.
“Last week, police arrested self-appointed directors of Ultimate Insurance in connection with fraudulent altering of documents but Mr Mapani refuted allegations of fraud in connection with this company.

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